Starting a small-scale business in Nigeria can be frustrating when you don’t have a strategic plan ready for execution. As a fashion designer who started my fashion business with little or no capital, it was never easy for me at the early stage. But in less than six years, I succeeded in becoming one of the most celebrated fashion designers in Nigeria, Ghana, and South Africa.
My achievements were made possible through the power of proper research before going into the fashion design business, good communication skills with customers, proper income management, and perseverance. Honestly, it was never easy, but looking back to what I have accomplished, I can tell you with an assurance that hard work %100 pays, no matter how small you started, all you need is to press the right buttons, and boom! You will someday be celebrated as one of the top brands in your field.
As an entrepreneur with years of experience, I highly advise any individual or team that wants to start any business to undergo a full background assessment before starting the proposed business.
My reason for this is to give you full knowledge of what you are about to invest your money into, other secrets behind the business you may not be aware of, and how much you truly need to start it up to prevent an early collapse.
The Right Link.
In any business that involves buying and selling goods, it is very important to find a source that can supply them at a cheaper rate.
For example, suppose you deal in clothes and don’t get your fabrics from a direct supplier that can provide the clothes at a wholesale price. In that case, it will force you to sell at a higher rate, while your competitor that got theirs from a cheaper source will be selling at an affordable rate.
Making the above mistake is bad and should be avoided by all means because it can scare away potential customers or even collapse your business. That’s why you need to try as much as possible to get a link to a direct supplier that can provide your business needs at a lower price.
Observe Your competitors
The strategy of observing your competitor is highly necessary for growing your business and getting ahead of them. This strategy is simply being smart. You can learn and observe your competitors in many ways, including knowing where and who they get their goods and services from, discovering things they do well that you don’t, and adding your ideas.
Minimize Your Expenditures
Excessive spending is very bad for any business, whether big or small. And as a beginner with limited capital, you have to avoid extravagant expenditures at all costs. I know how tempting it is to go for a shopping spree or buy that car of your dreams immediately you start seeing money flow in your business account. Please, try as much as you can to minimize your expenditures if you truly want to grow big.
Follow the trends
Change is constant, so is every business, irrespective of the kind, and I believe you already know that by now. That is why you need to be updated on what’s happening in your business in real-time to let you understand what customers want. The best ways to stay updated on the latest trends are through social media platforms like Facebook, Instagram, Twitter, TikTok. Regular interaction with customers to know their new needs and follow-ups on your business news updates.
Those are the ways to start any business in Nigeria and grow big within the space of six to twelve months. All the earlier reviewed strategies are highly recommended to help you get to your desired level in your business. Feel free to drop your questions or suggestion in the comment section, and I’ll be there to discuss it with you.
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